IRON ORE DAILY: Prices follow steel uptrend amid talk of easing curbs in Tangshan

Seaborne iron ore prices rose on Monday May 31 amid support from increasing billet prices in China over the weekend and a potential easing of restrictions on steelmaking in Tangshan.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $198.83 per tonne, up $8.32 per tonne
62% Fe low-alumina fines, cfr Qingdao: $201.26 per tonne, up $8.59 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $172.85 per tonne, up $10.05 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $232.80 per tonne, up $7.90 per tonne
62% Fe fines, fot Qingdao: 1,395 yuan per wet metric tonne (implied 62% Fe China Port Price: $205.18 per dry tonne), up by 81 yuan per wmt
Key drivers
The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) kept trending upward throughout the day before closing 4% higher than last Friday’s close of 1,063 yuan ($167) per tonne.

Similarly, the most-traded June iron ore forward-month swaps contract on the Singapore Exchange (SGX) gained strength during the day. By...

Published

Zihao Yu

May 31, 2021

11:11 GMT

Singapore